The Chicago office of Holliday Fenoglio Fowler, LP, which won the exclusive listing agreement to market the property overlooking the Lakeshore East development, is taking the building to market without a price tag. However, brokers familiar with the market would not be surprised if the price ends up in the neighborhood of $150 million.

Capitalizing on a market that continues to see low capitalization rates and plenty of capital chasing few deals, Archstone-Smith already has shed its 457-unit Plaza 440 for a reported $107 million. That 13-year-old building is being converted to condominiums.

Although the Downtown multifamily sales market has been dominated by private investors and condominium converters, Holliday Fenoglio Fowler senior managing director Matt Lawton expects just one of those two groups to be among the bidders. Condo converters and pension funds are most likely to make offers on the first class A, recently stabilized asset to hit the market in a decade. "I think they'll be pent-up demand," Lawton tells GlobeSt.com.